Engr. Gbenga Komolafe, Commission Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), stated that Nigeria’s crude oil reserves now stand at 37.28 billion barrels and its gas reserves hit 210.54 trillion cubic feet (tcf) as of January 1, 2025.
The Commission Chief revealed that the figure includes 31.44 billion barrels of crude oil and 5.84 billion barrels of condensates.
According to Komolafe: “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.
“The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).
“Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this, said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.”
He explained that on the gas side, Nigeria’s total natural gas reserves have risen to 210.54 trillion cubic feet (tcf), made up of 101.03 tcf of Associated Gas (gas found with crude oil) and 109.51 tcf of Non-Associated Gas (gas found alone in reservoirs without oil).
Komolafe said a slight drop in oil reserves, which stood at 37.50 billion barrels in 2024, but noted a marginal increase in gas reserves, up from 209.26 trillion cubic feet (tcf) recorded in the previous year.
He added that it aligns with the Petroleum Industry Act (PIA) 2021 and the NUPRC’s Regulatory Action Plan for 2024 and the Near Term.
However, the Reserves Life Index, which is an estimate of how long the reserves would last at the current production level, is 64 years for oil and 93 years for gas respectively.
The Commission Chief made it known that Nigeria’s updated national petroleum reserves, stating that the country’s crude oil and condensate reserves now total 37.28 billion barrels, while natural gas reserves stand at 210.54 trillion cubic feet.
He was of the view that these figures represent the official national reserves position as of January 1, 2025.
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